MUFG Asset Management
The latest research and outlooks in the ProAllocate library
- Fixed Income
MUFG AM Global Fixed Income – October 2026
MUFG Asset Management's Gary Hutchings and Hiroyuki Higuchi argue that war, surging AI-driven investment demand and fiscal deterioration are pushing global bond yields structurally higher. They adopt a neutral-to-long duration stance, favour commodity-exporting bond markets, and stay modestly bullish on the Australian dollar while expecting continued yen weakness.
- Currencies
MUFG Asset Management – BOJ Rate Hikes and the Yen Outlook
MUFG's Naoya Oshikubo argues that BOJ rate hikes, record yen-buying intervention, and a likely GPIF shift toward domestic bonds are stabilising the yen around 155-157, offsetting structural weakening pressures. He expects range-bound USD/JPY to support Japanese financials and small-cap equities.
- Fixed Income
MUFG AM Global Fixed Income – September 2026
MUFG Asset Management argues persistent energy-driven inflation, US institutional erosion and fiscal risks justify structurally higher bond yields, while it maintains neutral-to-slightly-long duration favouring resource-rich sovereigns and a bullish AUD view.
- Fixed Income
MUFG Asset Management – Upward Trend of Japan Interest Rates is Set to Pause
MUFG argues Japan's long-term rate rise is pausing due to fiscal restraint, US Treasury buybacks, easing Iran-related oil risk, fully-priced BOJ hikes, and retail JGB tax incentives, which should stabilise the yen and support Japanese equities.
- Fixed Income
MUFG AM Global Fixed Income – August 2026
MUFG argues that a protracted Middle East conflict, sticky inflation, fiscal concerns and eroding trust in US institutions justify higher term premia and permanently elevated rates. It favours neutral-to-slightly-long duration, flattening curves, resource-rich sovereign bonds and a modestly bullish AUD stance.
- Fixed Income
MUFG AM Global Fixed Income – July 2026
MUFG's fixed income team argues inflation resurgence risk, fiscal deterioration and eroding US institutional trust warrant higher permanent rates and elevated risk premia. Positioning favours neutral-to-slightly-long duration, flattening curves, resource-rich sovereigns, high-quality credit, long AUD and short CNY.
- Equities
MUFG Asset Management – The Growing Presence of Activist Investors in the Japanese Market
Declining cross-shareholdings and rising foreign ownership are boosting activist investor influence in Japan, accelerating corporate governance reform. The author expects the Nikkei to reach 100,000 yen medium-term, though warns of a temporary correction from yen-strengthening currency intervention.
- Fixed Income
MUFG AM Global Fixed Income – June 2026
MUFG argues that Middle East war-driven oil supply risks and eroding US institutional credibility point to stagflation and higher bond risk premia, favouring neutral-to-slightly-long duration, curve flatteners and resource-rich country bonds. It maintains modest USD and yuan shorts with a bullish AUD view amid policy divergence.
- Equities
MUFG Asset Management – Capital Efficiency Improvement at Japanese Companies
A Japanese life insurance survey shows investors demanding higher ROE and better use of cash reserves, with perception gaps persisting between companies and investors. With Corporate Governance Code revisions in 2026, shareholder returns are expected to reach record highs.